CLI - Mack-Cali now called Veris Residential new trading symbol VRE

Mack-Cali Realty (CLI +0.4%) rebranded itself to Veris Residential, reflecting the company's new strategic direction and corporate values as it transitions into a pure-play multifamily REIT and seeks to generate long-term value for shareholders. It will continue to trade on NYSE and will trade under the symbol, "VRE", effective Dec.10. Over the past several months, Mack-Cali has made significant progress in achieving its strategic objectives of simplifying its business, strengthening its balance sheet, and enhancing its operational platform. This progress has included $1B+ of suburban asset sales, the repayment of all corporate level recourse debt, an extensive internal reorganization resulting in $5M of run-rate cash expense savings, and a renewed commitment to ESG best practices. The company's current multifamily portfolio has a sector-leading average property age of only 7 years.

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Mack-Cali now called Veris Residential, new trading symbol "VRE"